USA Compression Partners LP (USAC) 2022 Q1 法說會逐字稿

Welcome to USA Compression Partners LP's First Quarter '22 Earnings Conference Call. (Operator Instructions)

歡迎參加 USA Compression Partners LP 22 年第一季財報電話會議。 （操作員指示）

I would now like to turn the call over to Chris Porter, Vice President, General Counsel and Secretary.

現在我想將電話轉給副​​總裁、總法律顧問兼秘書 Chris Porter。

Good morning, everyone, and thank you for joining us. This morning, we released our financial results for the quarter ended March 31, 2022. You can find our earnings release as well as a recording of this call in the Investor Relations section of our website at usacompression.com. The recording will be available through May 13, 2022.

大家早安，感謝大家的收看。今天上午，我們發布了截至 2022 年 3 月 31 日的季度財務業績。您可以在我們網站 usacompression.com 的投資者關係部分找到我們的收益報告以及本次電話會議的記錄。該錄音將持續提供至 2022 年 5 月 13 日。

During this call, our management will discuss certain non-GAAP measures. You will find definitions and reconciliations of these non-GAAP measures to the most comparable GAAP measures in the earnings release. As a reminder, our conference call will include forward-looking statements. These statements include projections and expectations of our performance and represent our current beliefs. Actual results may differ materially.

在本次電話會議中，我們的管理階層將討論某些非公認會計準則指標。您將在收益報告中找到這些非 GAAP 指標的定義以及與最具可比性的 GAAP 指標的對帳。提醒一下，我們的電話會議將包括前瞻性陳述。這些聲明包括對我們業績的預測和期望，代表了我們當前的信念。實際結果可能存在重大差異。

Please review the statements of risk included in this morning's release and in our SEC filings. Please note that information provided on this call speaks only to management's views as of today, May 3rd, and may no longer be accurate at the time of a replay.

請查看今天早上發布的新聞稿和我們提交給美國證券交易委員會 (SEC) 的文件中的風險聲明。請注意，本次電話會議中提供的資訊僅代表管理階層截至今天（5 月 3 日）的觀點，重播時可能不再準確。

I'll now turn the call over to Eric Long, President and CEO of USA Compression.

現在我將把電話轉給 USA Compression 公司總裁兼執行長 Eric Long。

Thank you, Chris. Good morning, everyone, and thanks for joining our call. Also with me is Matt Liuzzi, our CFO.

謝謝你，克里斯。大家早安，感謝大家參加我們的電話會議。和我一起的還有我們的財務長 Matt Liuzzi。

As usual, today, I'll first briefly cover the operational results for the first quarter, which was a solid start to the year. But given the ever-changing world in which we find ourselves, especially within the energy industry, I plan to spend more of my time talking about the current state of the market and where we see our business going for the remainder of the year.

像往常一樣，今天我將首先簡要介紹第一季的營運業績，這是今年的一個好開始。但考慮到我們所處的世界瞬息萬變，尤其是能源產業，我計劃花更多的時間談論當前的市場狀況以及我們對今年剩餘時間業務發展的展望。

So to give you a glimpse, I think the tailwinds that we've cautiously talked about over the last few quarters have finally arrived and begun to blow in earnest. We have a very supportive macro environment, under guarded by tight supply/demand dynamics and a growing need for natural gas, leading to attractive commodity pricing.

因此，為了讓大家大致了解情況，我認為我們在過去幾季謹慎談論的順風終於到來並開始認真吹拂。我們擁有非常有利的宏觀環境，在緊張的供需動態和不斷增長的天然氣需求的保護下，大宗商品價格具有吸引力。

And while the first quarter was a good start, we are excited about the remainder of 2022, and we believe we will continue to see opportunities to increase the utilization and pricing of our fleet, driving returns for our unitholders.

雖然第一季是一個很好的開端，但我們對 2022 年剩餘時間充滿期待，我們相信我們將繼續看到提高機隊利用率和定價的機會，從而為我們的單位持有人帶來回報。

USA Compression is above all an operation-centric business focused on providing the best possible compression services to our customers. To maintain the high service level to which our customers have grown accustomed, our employees are on call 24 hours a day, driving over 1 million miles every month, day and night, maintaining and repairing the large industrial equipment that makes up our fleet.

USA Compression 首先是一家以營運為中心的企業，致力於為客戶提供最好的壓縮服務。為了維持客戶習慣的高服務水平，我們的員工每天 24 小時待命，每月日夜行駛超過 100 萬英里，維護和修理我們車隊的大型工業設備。

As such, we have a relentless focus on safety throughout the organization. And I'm proud to say we have recently achieved another milestone, 4.5 million man-hours worked without a lost-time injury. As activity continues to pick up, our employees are going to be even busier. But with it, our commitment to safety will not waver. Safety is a way of life here at USA Compression, and I'm proud of how our team continues to embrace it.

因此，我們始終關注整個組織的安全。我很自豪地說，我們最近又實現了另一個里程碑，即 450 萬個工時無誤工傷事故。隨著活動的不斷增加，我們的員工將會更加忙碌。但有了它，我們對安全的承諾就不會動搖。安全是 USA Compression 的生活方式，我為我們的團隊繼續實踐安全而感到自豪。

Turning to the first quarter of 2022. USA Compression started off the year with a solid quarter of operations. We continue to deploy horsepower for customers out of the field, bumping our average horsepower utilization 2 percentage points from the fourth quarter to 2021, to just below 85%. And when you look at where we actually ended the period, we were up above 86%, an increase of more than 3 percentage points from December 31.

展望 2022 年第一季度，USA Compression 以穩健的營運開啟了新的一年。我們繼續為場外客戶部署馬力，使我們的平均馬力利用率從第四季度到 2021 年提高了 2 個百分點，略低於 85%。當您查看我們實際結束該期間的情況時，您會發現我們的成長率已超過 86%，比 12 月 31 日增加了 3 個百分點以上。

These levels represent meaningful increases, the likes of which we haven't seen in a while and are illustrative of the overall positive market environment in which we find ourselves.

這些水準代表著有意義的成長，這是我們很久沒有見過的，也說明了我們所處的整體積極的市場環境。

In addition to strong utilization gains, we saw revenues increase both in aggregate as well as on a per horsepower per month basis. We expect to see continued improvement in our fleet utilization over the balance of 2022 as we continue to redeploy some of our modern vintage idle fleet back into service out in the field.

除了利用率大幅提升之外，我們還看到整體收入和每馬力每月收入均有所增加。隨著我們繼續將部分現代化老式閒置車隊重新部署到現場使用，我們預計 2022 年餘下時間我們的車隊利用率將繼續提高。

Matt will go through the financials a little bit later this morning.

馬特將於今天上午晚些時候查看財務狀況。

As a reminder, we once again maintained our distribution at $0.525 per unit, and when accounting for the distribution being paid this Friday, we have now returned over $1.3 billion to our unitholders since our IPO in 2013.

提醒一下，我們再次將分紅維持在每單位 0.525 美元，如果算上本週五支付的分紅，自 2013 年首次公開募股以來，我們已經向我們的單位持有人返還了超過 13 億美元。

While it has only been a few short months, the market environment of 2022 feels far different than the COVID OPEC plus period during 2020 and 2021. The doom and gloom from the past few years seems like a long time ago.

雖然只過了短短幾個月，但 2022 年的市場環境與 2020 年和 2021 年的新冠疫情、OPEC 以及疫情期間相比，感覺大不相同。過去幾年的悲觀情緒似乎已經過了很久。

2021 was generally a recovery year for the broader energy industry as our customers buoyed by strengthening commodity prices generally focused on balance sheet repair, CapEx moderation and a wait-and-see approach to the myriad of regulatory uncertainties introduced by the new administration since the elections in 2020.

2021 年總體上是整個能源產業的復甦之年，因為我們的客戶受到大宗商品價格走強的提振，普遍專注於修復資產負債表、適度降低資本支出，並對 2020 年大選以來新政府引入的眾多監管不確定性採取觀望態度。

To remind you, during Q4 2021, crude oil averaged about $77 per barrel and natural gas about $4.75 per MMBtu. Those 2 commodities ended the year around $75 and $3.80, respectively. Those levels are generally considered to be economic for operators to pursue production across various domestic basins. Production levels overall were up, in part driven by drilled and uncompleted DUCs reduction, which helped keep a lid on further price increases.

提醒您，2021 年第四季度，原油平均價格約為每桶 77 美元，天然氣平均價格約為每百萬英熱單位 4.75 美元。這兩種商品年底的價格分別約為 75 美元和 3.80 美元。人們普遍認為，這些水準對於營運商在國內各個盆地進行生產而言是具有經濟性的。整體產量水準有所上升，部分原因是已鑽探和未完工的 DUC 減少，這有助於抑制價格進一步上漲。

According to EIA statistics, DUCs were reduced by a staggering 38% during the course of 2021. The ratio of drilled to completed wells for the year was approximately 0.7%, which was almost 23% below 2020's ratio and the loss ratio since the EIA has begun tracking this statistic.

根據 EIA 統計，2021 年期間 DUC 減少了驚人的 38%。全年鑽井與完井的比例約為 0.7%，比 2020 年的比例以及 EIA 開始追蹤這一統計數據以來的損失率低了近 23%。

We did see a nominal increase in rig counts, which was fortunate because without new drilling activity, the country as a whole would have run out of DUC sometime in the fall of 2021. The drawdown in DUCs allowed the industry to keep production going, to offset both natural decline and the reduction in new drilling and completion activity, but there is a limit to how much the DUCs can provide.

我們確實看到鑽機數量名義上增加，這很幸運，因為如果沒有新的鑽井活動，整個國家的DUC將在2021年秋季的某個時候耗盡。 DUC的減少使該行業能夠維持生產，以抵消自然下降以及新鑽井和完井活動的減少，但DUC的供應量是有限的。

Overall, the cloud of regulatory uncertainty and mixed inconsistent signals from our current administration kept a lot of industry participants from making the necessary level of growth CapEx and new investments during the year. This impacted the length of the downturn and delayed incremental demand that ultimately will lead to the redeployment of USAC's idle fleet.

總體而言，監管不確定性的陰雲和現任政府發出的不一致信號阻礙了許多行業參與者在年內實現必要的成長資本支出和新投資。這影響了經濟衰退的持續時間並延遲了增量需求，最終將導致 USAC 閒置機隊的重新部署。

So leading into 2022, the overall supply/demand situation had tightened dramatically, which helps support the commodity price environment and set the stage for a more active 2022. This has been dramatically exacerbated by the Ukrainian situation.

因此，進入 2022 年，整體供需情勢急劇收緊，這有助於支撐大宗商品價格環境，並為更活躍的 2022 年奠定基礎。烏克蘭局勢加劇了這一情況。

The beginning of 2022 has built on where 2021 left off. The DUC count was down another 9% in Q1 alone. Rig count and production levels were up, driven by a very supportive commodity price environment and continuing strong current and expected demand. Crude oil during the first quarter averaged over $94 per barrel and ended the quarter at $100 a barrel. Natural gas averaged $4.65 for the quarter and ended the quarter at about $5.50 per MMBtu.

2022 年伊始，我們延續了 2021 年的成果。僅第一季度，DUC 數量就下降了 9%。受非常有利的商品價格環境以及持續強勁的當前和預期需求的推動，鑽機數量和產量水平有所上升。第一季原油平均價格超過每桶 94 美元，季末則達到每桶 100 美元。本季天然氣平均價格為 4.65 美元，季末價格約為每百萬英熱單位 5.50 美元。

The upstream operators have responded to the price and demand signals. But as we all know, you can't just turn on and off the taps like your kitchen faucet. And the past years of underinvestment will take time to remedy. On April 20th, JPMorgan analyst noted that a prevailing levels of global spending on energy by 2030, growth and supplies from renewables, oil, natural gas, LNG, and coal is projected to lag growth in demand by 20%.

上游營運商已經對價格和需求訊號做出了反應。但眾所周知，你不能像廚房水龍頭那樣打開和關閉水龍頭。而過去幾年的投資不足需要時間來彌補。 4月20日，摩根大通分析師指出，到2030年，全球能源支出的現行水平，再生能源、石油、天然氣、液化天然氣和煤炭的成長和供應預計將落後於需求成長20%。

Further, to remedy the supply/demand imbalance, JPMorgan estimates $1.3 trillion of incremental CapEx is required, an average of $140 billion over the next 9 years. It goes without saying that the war currently being waged in Ukraine has had a major impact on the energy markets. It seems to me that some of the fallacies of the view that the march towards a 100% electric everything world, driven by 100% renewables for everything are now being pointed out.

此外，為了彌補供需失衡，摩根大通估計需要增加 1.3 兆美元的資本支出，未來 9 年平均需要 1,400 億美元。毋庸置疑，目前正在烏克蘭進行的戰爭對能源市場產生了重大影響。在我看來，現在有人指出，人們正在朝著 100% 電力世界邁進，推動一切 100% 再生能源，這種觀點有些謬誤。

Spurred on by the EU's goal to quickly wean itself off Russian gas imports, countries across Europe and beyond are competing to secure reliable and cleaner energy supplies. In the face of the growing realities around the timing, cost, and reliability of renewable fuels, natural gas has taken a front seat in the ongoing discussion about energy in the future and we've seen what was a constructive commodity market in 2021 explode into an environment where security of production and supply of energy are foremost in world leaders minds.

在歐盟迅速擺脫對俄羅斯天然氣進口的推動下，歐洲及其他地區的國家都在競相爭取可靠、更乾淨的能源供應。面對圍繞再生燃料的時機、成本和可靠性日益增長的現實問題，天然氣已成為未來能源討論的焦點，我們看到 2021 年建設性的大宗商品市場爆發式增長，進入一個能源生產和供應安全成為世界領導人首要考慮的環境。

With the supportive environment, our customers have begun to make investment decisions that a year ago would not have been considered that is partly reflected in our revised capital spending plan in which we recently committed to buy an additional 20 large horsepower units to meet specific customer needs, particularly in West Texas and the Delaware Basin.

在有利的環境下，我們的客戶開始做出一年前不會考慮的投資決策，這部分反映在我們修改後的資本支出計劃中，我們最近承諾購買另外 20 台大馬力機組，以滿足特定客戶的需求，特別是在西德克薩斯州和特拉華盆地。

Given the lead times for new units, half of these units are expected to be delivered towards the end of the year with the remaining half in early 2023. From our perspective, the fact that our customers are once again making long-term investment commitments in natural gas infrastructure is encouraging for our business and the industry more broadly.

考慮到新裝置的交付週期，預計其中一半裝置將於今年年底交付，剩餘一半將於 2023 年初交付。從我們的角度來看，我們的客戶再次對天然氣基礎設施做出長期投資承諾，這對我們的業務和整個行業來說都是令人鼓舞的。

As we look to the remainder of 2022 and beyond, there remains real uncertainty across the economy in general and our industry in particular. The ultimate outcome in future ramifications from the ongoing war in Eastern Europe will have impacts across the globe. Already, you have seen the impact on U.S. LNG.

展望 2022 年剩餘時間及以後，整個經濟，尤其是我們的產業，仍然存在著真正的不確定性。東歐持續戰爭的未來後果將對全球產生影響。您已經看到了對美國液化天然氣的影響。

Reuters recently reported that LNG March exports from the U.S. hit record levels of roughly 12 Bcf per day. Meanwhile, the domestic demand for natural gas, which powers a significant amount of electricity generation as well as industrial and petrochemical manufacturing continues.

路透社最近報道稱，美國3月液化天然氣出口量達到創紀錄的約120億立方英尺/天。同時，國內對天然氣的需求持續成長，為大量發電以及工業和石化製造提供動力。

As of early March, domestic natural gas consumption was up 10.3 Bcf per day year-over-year, driven largely by a substantial uptick of 25% in industrial demand. In a country and a world that is continuing to use large amounts of natural gas on a daily basis, many are looking to the U.S. as a key source of supply. But as we mentioned, these actions take time, and they also require the confidence by the producers and midstream operators that governmental policies will not change with the political wins of the day.

截至 3 月初，國內天然氣消費量年增 103 億立方英尺/天，主要受工業需求大幅增加 25% 的推動。在一個每天持續使用大量天然氣的國家和世界裡，許多人將美國視為主要供應來源。但正如我們所提到的，這些行動需要時間，也需要生產者和中游業者相信政府政策不會隨著當今的政治勝利而改變。

Our industry is uniquely positioned to help solve the world's energy needs. We just need to be allowed to do it in a way that is economically feasible and commercially efficient. Crude oil has also seen positive demand signals as the world's economies have grown post-pandemic and populations across the world demand higher quality of living standards, which petroleum products have uniquely provided over the course of history.

我們的產業具有獨特的優勢，可以幫助解決世界能源需求。我們只需要被允許以經濟可行和商業高效的方式來做這件事。隨著世界經濟在疫情後成長，以及世界各地人口對更高品質生活水準的要求，原油需求也出現了正面訊號，而石油產品在歷史上以獨特的方式滿足了這些要求。

The EIA currently estimates demand for 2022 to be 99.8 million barrels per day, an increase over 2021, which was up over 2020. Further, 2023 demand is expected to further increase by approximately 2 million barrels per day.

EIA 目前估計 2022 年的需求量為 9,980 萬桶/日，比 2021 年有所增加，而 2021 年的需求量又高於 2020 年。此外，預計 2023 年的需求將進一步增加約 200 萬桶/日。

In the U.S. alone, we continue to see inventory draws. As of mid-April, we are about 15% below the 5-year average for this time of the year. And don't forget that we are about to enter the summer driving season.

光是在美國，我們就持續看到庫存下降。截至 4 月中旬，我們的產量比每年同期的 5 年平均產量低約 15%。別忘了，我們即將進入夏季駕駛季節。

On a global basis, the oil market continues to work down inventories. Combine that with increasing demand, with shrinking storage and you've got a recipe for continued strong commodity prices.

從全球來看，石油市場庫存持續減少。再加上需求的增加和庫存的減少，大宗商品價格將持續走高。

Since December of 2020, OECD inventories have been reduced by about 700 million barrels or more than 20%. While there have been releases of the strategic petroleum reserve, the impact on crude oil and gasoline prices has been minimal. There is simply not enough extra cushion in the industry to be able to ramp up as quickly as some would like.

自2020年12月以來，經合組織庫存減少了約7億桶，降幅超過20%。雖然已經釋放了戰略石油儲備，但對原油和汽油價格的影響卻微乎其微。該行業根本沒有足夠的額外緩衝來像某些人希望的那樣快速成長。

The difficulty in securing and dramatically rising cost of rigs, hiring frac crews, and locating equipment can be substantial, and that assumes that the permitting is already in place. You've seen the impact of these dynamics in both crude prices as well as closer to home in gasoline prices, which are as high as many can remember.

確保鑽機安全、僱用壓裂人員以及定位設備的成本大幅上升，這些都相當困難，而且這還是在已經獲得許可的前提下。您已經看到了這些動態對原油價格以及更接近國內的汽油價格的影響，汽油價格達到了人們記憶中的最高水平。

Crude oil and to a lesser but growing degree, natural gas are global commodities that are subject to global market forces, and the last few months have really made that exceedingly clear to consumers across the globe. So with all the global impacts on the commodity prices, what does this mean for USA Compression?

原油和天然氣（雖然程度較小但正在成長）都是受全球市場力量影響的全球性大宗商品，過去幾個月的情況確實讓全球消費者非常清楚地意識到了這一點。那麼，鑑於全球大宗商品價格受到如此多的影響，這對美國壓縮公司意味著什麼？

Since our IPO, I have often made the comment that in many ways, we are gas price agnostic. Our role in the value chain is to provide the service that moves natural gas throughout the domestic pipeline system. Here in the U.S., we benefit from an abundant supply of natural gas, which in the current market can be economically produced.

自從我們首次公開發行以來，我經常評論說，在許多方面，我們不受天然氣價格影響。我們在價值鏈中的作用是提供在整個國內管道系統中輸送天然氣的服務。在美國，我們受益於豐富的天然氣供應，在當前市場上可以經濟地生產天然氣。

As an example, natural gas production volumes in the Permian Basin are up 12% in the last 12 months. And in the Haynesville Shale, which is favorably located near many of the country's LNG export terminals, production volumes are also up 12% in the last 12 months as well.

例如，二疊紀盆地的天然氣產量在過去 12 個月中增加了 12%。海恩斯維爾頁岩位於優越位置，靠近該國許多液化天然氣出口終端，過去 12 個月的產量也增加了 12%。

So you can see that producers are responding to the demand signals, and we will continue to work with our customers, not just in those areas, but across our diversified footprint to help get that natural gas to the market. As always, the free market functions well when you let it do its job without undue interference.

因此，您可以看到生產商正在響應需求訊號，我們將繼續與我們的客戶合作，不僅在這些地區，而且在我們多元化的業務範圍內，幫助將天然氣推向市場。一如既往，當你讓自由市場在不受過度幹預的情況下正常運作時，它就能很好地運作。

We do expect that during 2022 and beyond, ESG will continue to be a theme. Close to home, we have been working with customers as they identify areas in their own operations where USA Compression can lend our technical expertise to highly engineered requirements. We are currently providing large horsepower hydrogen compression services for a facility in the Midwestern U.S. That customer has further expansion plans requiring additional horsepower as they increase their hydrogen production.

我們確實預計，在 2022 年及以後，ESG 將繼續成為一個主題。在國內，我們一直與客戶合作，幫助他們確定自身營運中的哪些領域 USA Compression 可以發揮我們的技術專長來滿足高度工程化的要求。我們目前正在為美國中西部一家工廠提供大馬力氫氣壓縮服務。該客戶有進一步的擴張計劃，需要額外的馬力來增加氫氣產量。

As our industry works through not only what is possible, but more importantly, what is economical, we expect more opportunities for USA Compression to play a role in ESG-focused applications.

隨著我們的產業不僅努力實現可能性，更重要的是努力實現經濟性，我們期待 USA Compression 有更多機會在以 ESG 為重點的應用中發揮作用。

More broadly though, the current Ukrainian situation unfolding in Europe is causing energy-centric ripple effects across the globe regarding the importance of energy. The world is now seeing firsthand that moving from feel-good theoretical concepts of energy transition from hydrocarbons to renewables or hydrogen will require far more time and unfathomable levels of capital resources.

但從更廣泛的角度來看，當前歐洲的烏克蘭局勢正在引起全球以能源為中心的連鎖反應，使人們更加重視能源的重要性。全世界現在親眼看到，從碳氫化合物到再生能源或氫能的能源轉型的良好理論概念轉變將需要更多的時間和難以估量的資本資源。

Whether it is the relative slower adoption of electric vehicles due to price and accessibility, the ongoing strategic and political challenges of sourcing adequate rare metals and other raw materials, or simply the overall growth by major population centers like China and India to higher living standards, the challenges are not going away.

無論是由於價格和可及性導致電動車的普及速度相對較慢，還是採購足夠的稀有金屬和其他原材料所面臨的持續戰略和政治挑戰，還是僅僅是中國和印度等主要人口中心的生活水平整體提高，這些挑戰都不會消失。

As I've said before that ultimately, we believe the realities of economics and technology will continue to shape the dialogue and the transition. No one knows exactly how it will play out into the future, but we have seen in years past, continued during the first quarter, demand for energy of all types worldwide is up, supplies of conventional energy sources are down, and we know of no technology that exists at commercial scale to backdrop the intermittent nature of renewable energy supplies.

正如我之前所說，最終，我們相信經濟和技術的現實將繼續影響對話和轉型。沒有人確切知道未來會如何發展，但我們在過去幾年中已經看到，並且在第一季也繼續如此，全球各類能源的需求都在上升，而傳統能源的供應卻在下降，而且我們不知道目前還存在任何可以達到商業規模的技術來彌補可再生能源供應的間歇性。

As such, we believe that the need for USA Compression services will continue far into the future. So as USA Compression continues through 2022, we expect to take advantage of this global need for energy providing superior compression services to our customers, both large and small.

因此，我們相信，對美國壓縮服務的需求將在未來持續存在。因此，隨著 USA Compression 持續到 2022 年，我們希望利用全球對能源的需求，為大大小小的客戶提供卓越的壓縮服務。

Natural gas remains a clean-burning abundant fuel that is easily transported throughout our country as well as the world and our customers are doing everything they can to help get that gas to end-users, whether here in our country or across the globe.

天然氣仍然是一種清潔燃燒的豐富燃料，可以輕鬆地在我國乃至世界各地運輸，我們的客戶正在盡一切努力幫助將天然氣輸送到最終用戶，無論是在我們國家還是在世界各地。

While renewable sources of energy and more importantly, ways to economically store that energy when the supplies are unavailable will continue to play a part in the supply of energy. At this point in development, they are insufficient to affordably meet the overall need for energy for the world population.

而再生能源，以及更重要的是，在能源供應不足時經濟地儲存能源的方式將繼續在能源供應中發揮作用。在現階段的發展中，它們不足以以可承受的方式滿足世界人口的整體能源需求。

This sets up well for demand for our compression services as upstream producers respond to market signals with continued drilling activity to help supply a world faced with increasingly tight supply/demand dynamics. When you layer on top of all this, the uncertainty caused by a war in Eastern Europe, the services that USA Compression provides become that much more critical.

這為我們的壓縮服務需求奠定了良好的基礎，因為上游生產商透過持續的鑽探活動來響應市場訊號，以幫助滿足日益緊張的供需動態的世界。當你把所有這些考慮進去時，再加上東歐戰爭造成的不確定性，美國壓縮公司提供的服務就變得更重要了。

Lastly, I want to provide a brief update on our dual drive offering, which as we've explained before, is a compression unit able to be powered by either natural gas or electricity providing our customer not only redundancy as it regards to the fuel source, but also the opportunity for significant emissions reduction.

最後，我想簡要介紹一下我們的雙驅動產品，正如我們之前所解釋的那樣，它是一種壓縮機組，可以由天然氣或電力驅動，不僅為我們的客戶提供燃料來源方面的冗餘，而且還提供顯著減少排放的機會。

During the first quarter, we continued to progress with a retrofit and deployment of the dual drive technology, recently entering into multi-year contracts for a series of large horsepower units with an existing USA Compression customer. This is an exciting time for USA Compression as we begin to reconfigure units in our fleet for dual drive operations. This retrofit of USAC's large horsepower fleet is a logical, practical, and proven economic solution involving greenhouse gas mitigation.

在第一季度，我們繼續推進雙驅動技術的改造和部署，最近與現有的 USA Compression 客戶簽訂了一系列大馬力裝置的多年合約。對於 USA Compression 來說，這是一個令人興奮的時刻，因為我們開始重新配置車隊中的設備以實現雙驅動操作。對 USAC 大馬力車隊的改造是一個合理、實用且經過驗證的經濟解決方案，可減少溫室氣體排放。

As our work on dual drive continues throughout 2022 and beyond, we expect an uptick in customer inquiries as further electric infrastructure begins to be built out. We believe dual drive is an attractive offering for our customers with the ability to provide the reliability and redundancy of natural gas during what we believe will be a multi-decade transition period to expand the electric grid.

隨著我們在雙驅動方面的工作在 2022 年及以後繼續進行，隨著進一步的電力基礎設施開始建設，我們預計客戶諮詢量將會增加。我們相信，雙驅動對我們的客戶來說是一項很有吸引力的產品，它能夠在我們認為的數十年擴大電網的過渡期內提供天然氣的可靠性和冗餘性。

The concept of dual drive is to combine a natural gas-driven engine and an electric-driven motor to quickly and reliably switch from natural gas to electricity depending on operating constraints in order to compress natural gas. The field-proven dual drive compression system allows companies to decrease emissions and permit their sites for electrical compression while still having the flexibility and redundancy to switch to natural gas when extreme temperatures, both summer, and winter put a strain on the power grid and utilities charge steep demand fees during resulting power outages.

雙驅動的概念是將天然氣驅動的引擎和電動馬達結合起來，根據運行約束快速可靠地從天然氣切換到電力，以壓縮天然氣。經過現場驗證的雙驅動壓縮系統使公司能夠減少排放並允許其站點進行電壓縮，同時仍具有靈活性和冗餘性，可以在夏季和冬季極端溫度對電網造成壓力並且公用事業公司在由此造成的停電期間收取高額需求費用時切換到天然氣。

As a result, customers will realize lower operating expenses, increased reliability, 99% run time, substantially lower emissions of CO2 and methane, the mitigation of interconnect delays and optimized fuel cost.

因此，客戶將實現更低的營運費用、更高的可靠性、99% 的運行時間、大幅降低的二氧化碳和甲烷排放量、減少互連延遲並優化燃料成本。

One last comment on the stability of USA Compression's business before I turn over the call to Matt to walk through the results of the first quarter. This quarter's payment will be the 37th quarter of distributions, returning over $1.3 billion to unitholders since our IPO. I've often talked about the stability of this business and having now worked through 8 quarters since a pandemic through the world into a mess, we have proven our ability to power through downturns.

在我將電話轉給馬特介紹第一季的業績之前，我最後想對 USA Compression 業務的穩定性做一點評論。本季的付款將是第 37 季的分配，自我們首次公開募股以來已向單位持有人返還超過 13 億美元。我經常談論這個業務的穩定性，自從一場席捲全球的疫情導致一片混亂以來，我們已經度過了 8 個季度，證明了我們有能力度過低迷時期。

The last several years have really highlighted the attractiveness of the large horsepower compression business model, and we expect those tailwinds to not only continue but improve over the course of 2022. Matt?

過去幾年確實凸顯了大馬力壓縮業務模式的吸引力，我們預計這種順風不僅會持續下去，而且會在 2022 年有所改善。馬特？

Thanks, Eric, and good morning, everyone. Today, USA Compression reported first quarter results including quarterly revenue of $163 million, adjusted EBITDA of $98 million, and DCF to limited partners of $50 million, all of which were in line with the quarter.

謝謝，埃里克，大家早安。今天，USA Compression 公佈了第一季業績，包括季度收入 1.63 億美元、調整後 EBITDA 9,800 萬美元、對有限合夥人的 DCF 5,000 萬美元，這些均與本季度持平。

As Eric mentioned, we saw pricing for the fleet as a whole increase during the first quarter, up to $16.87 per horsepower per month, reflecting the strengthening market for our compression services and contractual price escalators.

正如 Eric 所提到的，我們看到第一季整個車隊的價格有所上漲，高達每月每馬力 16.87 美元，這反映了我們的壓縮服務市場和合約價格上漲的增強。

Our adjusted gross margin as a percentage of revenue was 67% in the first quarter, a slight decrease from the previous quarter, which had benefited from some one-time offsets to expense.

我們第一季的調整後毛利率佔營收的百分比為 67%，較上一季略有下降，這得益於一些一次性費用抵銷。

We achieved adjusted EBITDA for the first quarter of approximately $98 million, consistent with previous quarters. Adjusted EBITDA margin of 60% was again consistent with our total averages.

我們第一季的調整後 EBITDA 約為 9,800 萬美元，與前幾季持平。調整後的 EBITDA 利潤率為 60%，與我們的總平均值再次一致。

Our total fleet horsepower at the end of the quarter of approximately 3.7 million horsepower was flat with the fourth quarter. Average utilization for the first quarter was up 2 percentage points from the fourth quarter to just under 85%, illustrating the strengthening market mentioned earlier.

本季末我們的總車隊馬力約為 370 萬馬力，與第四季持平。第一季的平均利用率比第四季上升了 2 個百分點，達到略低於 85%，這反映了前面提到的市場走強。

Utilization at the end of the first quarter, though, was up almost 3.5% from the end of Q4. For the quarter, we had total expansion capital spending of $20 million, consisting of some new unit payments and reconfiguration of idle units.

不過，第一季末的利用率比第四季末成長了近 3.5%。本季度，我們的擴張資本支出總額為 2,000 萬美元，包括一些新單位付款和閒置單位的重新配置。

Our maintenance CapEx was approximately $6 million. As Eric mentioned, during the first quarter, we did place orders for an additional 20 new large horsepower units for delivery in late 2022 and early 2023, which brings the total commitment for new units to 30 new large horsepower units. These new units will go to specific customer editions and the remainder of our expansion capital for the year will be focused on redeployment of existing idle units.

我們的維護資本支出約為 600 萬美元。正如 Eric 所提到的，在第一季度，我們確實訂購了另外 20 台新的大馬力機組，預計將於 2022 年底和 2023 年初交付，這使得新機組的總承諾量達到 30 台新的大馬力機組。這些新設備將提供給特定的客戶版本，而我們今年剩餘的擴張資本將集中用於重新部署現有的閒置設備。

Net income for the quarter was $3 million and operating income was $35 million. Net cash provided by operating activities was $35 million in the quarter. And lastly, cash interest expense net was $30 million.

本季淨收入為 300 萬美元，營業收入為 3,500 萬美元。本季經營活動提供的淨現金為 3,500 萬美元。最後，現金利息支出淨額為 3,000 萬美元。

Based on the first quarter's results, the Board decided to keep the distribution consistent at $0.525 per unit, which resulted in a distributable flow coverage ratio of 0.98x. While lower than we would normally expect, we expect that ratio will improve over the course of the year as we deploy additional horsepower and fleet utilization improves.

根據第一季的業績，董事會決定將分配金額保持在每單位 0.525 美元不變，這導致可分配流量覆蓋率為 0.98 倍。雖然低於我們通常預期的水平，但我們預計，隨著我們部署更多馬力和車隊利用率提高，這一比例將在一年內改善。

Our bank coverage [covenant] ratio was 5.18x. Consistent with prior quarters, our Board of Directors determines the quarterly distribution on a quarterly basis, and the Board can opt to maintain, reduce, or suspend the distribution as it deems most appropriate. At this point in the year, we are keeping our full year 2022 guidance unchanged, expect adjusted EBITDA between $406 million and $426 million and distributable cash flow of between $213 million and $233 million.

我們的銀行覆蓋率[契約]為5.18倍。與前幾季一致，我們的董事會按季度確定季度分配，董事會可以根據其認為最合適的方式選擇維持、減少或暫停分配。目前，我們維持 2022 年全年指引不變，預計調整後的 EBITDA 在 4.06 億美元至 4.26 億美元之間，可分配現金流在 2.13 億美元至 2.33 億美元之間。

Also, you may have noticed that late last week, a tranche of warrants with the right to purchase 5 million common units was exercised in full by the holders. The exercise of the warrants was net settled by the partnership for a total of approximately 534,000 common units. These warrants were part of the preferred equity financing we undertook back in 2018 for the CDM acquisition. And finally, we expect to file our Form 10-Q with the SEC as early as this afternoon.

此外，您可能已經注意到，上週晚些時候，一批有權購買 500 萬普通股的認股權證已被持有人全部行使。認股權證的行使由合夥企業以淨額結算，總計約 534,000 股普通股單位。這些認股權證是我們 2018 年為收購 CDM 而進行的優先股融資的一部分。最後，我們預計最早於今天下午向美國證券交易委員會提交 10-Q 表。

With that, we'll open the call to any questions.

這樣，我們就可以開始回答任何問題了。

(Operator Instructions). Our first question comes from TJ Schultz of RBC Capital Markets.

（操作員指令）。我們的第一個問題來自加拿大皇家銀行資本市場的 TJ Schultz。

So there's a lot of discussion about takeaway constraints from different basins with natural gas, particularly in the Permian. And then we've seen a few announcements about increasing compression going through various compression expansions to address those bottlenecks. So I guess the question is how you think about those constraints, the impact on your view on gas volumes and producer activity and growth outlook? And then also, I guess, the competition and tightness for new compression from suppliers as you're spending to order new horsepower this year?

因此，關於不同盆地（特別是二疊紀盆地）的天然氣開採限制有許多討論。然後，我們看到了一些關於增加壓縮的公告，透過各種壓縮擴展來解決這些瓶頸。所以我想問題是您如何看待這些限制，以及它們對您對天然氣產量、生產商活動和成長前景的看法的影響？然後，我想，當您今年花錢訂購新馬力時，供應商對新壓縮產品的競爭和緊張程度如何？

Yes, TJ, this is Eric. Great question. I think one of the things that we are clearly seeing with the bottlenecks and supply chain issues for access to new equipment, those of us who during the last couple of years downturn had some new vintage modern assets returned and went idle. We have assets that can be deployed extremely quickly and at relatively low CapEx incremental cost to deploy.

是的，TJ，這是 Eric。好問題。我認為，我們清楚地看到的問題之一是獲取新設備的瓶頸和供應鏈問題，在過去幾年的經濟低迷時期，我們中的一些人的一些新的老式現代資產退回並閒置了。我們擁有可以極快部署的資產，且部署的資本支出增量成本相對較低。

As we mentioned in our prepared thoughts there, topics that utilization for the first quarter averaged 2 percentage points higher run rate at 3% higher Q-over-Q. April was up. May is also up. So I think one of the reasons we saw a little bit light or we were a little light on coverage and our leverage was a little up was that we kind of pre-funded some of this conversion CapEx, make ready CapEx to deploy the equipment.

正如我們在準備好的想法中提到的那樣，第一季利用率的主題平均比上一季高出 2 個百分點，比上一季高出 3%。四月已過。五月也上漲。因此，我認為我們看到的覆蓋範圍有點小或有點小，而且我們的槓桿率有點高的原因之一是，我們預先資助了部分轉換資本支出，準備好部署設備的資本支出。

So lead times for new equipment are a year-plus out. We have been working with our core suppliers, people we've had long relationships with to make sure that we've got access to parts and pieces, major components. We got in the queue ahead of some of the others. So it's a problem.

因此新設備的交付週期需要一年以上的時間。我們一直在與我們的核心供應商合作，這些供應商與我們有著長期的合作關係，以確保我們能夠獲得零件、零件和主要零件。我們排在其他人前面。所以這是一個問題。

Some of the larger -- particularly when you look at big volume projects coming out of the Permian, some of the bigger diameter lines, the lead times for this mega equipment have lengthened excessively. So I think what we're going to be seeing and will be the beneficiary is field gathering guys will be supplying incremental volumes into pipes at higher pressures.

一些較大的——特別是當你看到二疊紀盆地的大型專案時，一些直徑較大的管道，這些巨型設備的交貨時間已經過度延長。因此我認為我們將會看到並且受益的是，現場採集人員將以更高的壓力向管道中供應增量體積的石油。

So I think from a competitive perspective, those of us who have equipment, there's just a couple of us are going to be the beneficiaries of that. We're executing significantly longer-term contracts. We're pushing through significantly higher monthly service fees. We're increasing the rates on units that come off a primary term and go month-to-month to the extent that a little bit of equipment is being returned to us, we quickly redeploy it to other places at significantly higher rates.

因此我認為從競爭的角度來看，我們當中那些擁有設備的人中只有少數人會成為受益者。我們正在執行長期合約。我們正在推動大幅提高每月服務費。我們正在提高那些已結束主要期限並按月支付的設備的費率，只要有少量設備返還給我們，我們就會以高得多的費率迅速將其重新部署到其他地方。

So it's kind of the perfect storm. -- lead times for equipment of lengthen. Inflation is hitting us all. We're fortunate that we can offset inflation with some operating efficiencies. So this is exactly as we expected when we come out of the downturn. We focus on redeploying idle fleet. We focus on repricing our existing assets. And I think we will be the beneficiaries of a rising tide that not -- that just a couple of us are able to capitalize upon.

所以這可以說是一場完美風暴。 ——設備交付週期延長。通貨膨脹正在影響著我們所有人。我們很幸運，能夠透過提高營運效率來抵消通貨膨脹。因此，這正是我們走出低迷時的預期。我們專注於重新部署閒置船隊。我們專注於重新定價現有資產。我認為，我們將成為這股潮流的受益者，而這股潮流並非只有我們中的少數人能夠利用。

And TJ, it's Matt. Just one thing to add is when you think back to the last few downturns, kind of the '08, '09 downturn and then the '14, '15, '16 time frame, in both of those, and I'll just draw the difference between where we are now, both of those previous ones, you had more of a buildup of equipment kind of leading into those downturns, both in '08, '09 as well as kind of the '14, '15.

TJ，我是馬特。需要補充的一點是，當你回想最近的幾次經濟衰退時，例如 2008 年、2009 年的經濟衰退，以及 2014 年、2015 年、2016 年的經濟衰退，在這兩次衰退中，我只想畫出我們現在所處位置的區別，這兩次衰退之前，在 2008 年、2009 年年的經濟衰退之前，你都累積了更多的設備。

What we've seen in the industry over the last, call it, 6, 7, 8 years now is there's been a lot more discipline on the capital spending. So I think that's in part what's caused what Eric was talking about, which is this longer lead time. And versus coming out of kind of the '08, '09 and '14, '15, there just isn't a whole lot of extra equipment out there. And so the lead times are pushing but also sort of the idle equipment inventory of especially the large horsepower stuff just isn't there like it was before.

在過去的 6、7、8 年裡，我們看到產業對資本支出的紀律性已經大大加強。所以我認為這在一定程度上導致了 Eric 所說的更長的交貨時間。與 2008、2009 年和 2014、2015 年相比，現在的額外設備並不多。因此，交貨時間不斷延長，但閒置設備庫存（尤其是大馬力設備）也不像以前那麼多了。

Our next question comes from Selman Akyol of Stifel.

我們的下一個問題來自 Stifel 的 Selman Akyol。

So just starting off with your last comment there on inflation. Could you maybe bifurcate that and maybe discuss it between what you're seeing on -- for people and then also for consumables, should we think of one as being great weighted than the other?

所以，就從您對通貨膨脹的最後一則評論開始。您能否將其分成兩部分，然後根據您所看到的情況進行討論——對於人和消耗品，我們是否應該認為其中一個比另一個更有分量？

Yes, Selman. Great question. When you look at the components that drive our OpEx costs, labor is a large component. We pointed out we drive over 1 million miles a month. So diesel fuel, gasoline is a major component. Lubricating oil that we use for both our Caterpillar engines and aerial compressors has gone up significantly.

是的，塞爾曼。好問題。當您查看驅動我們的營運支出成本的組成部分時，勞動力是一個很大的組成部分。我們指出我們每月行駛超過 100 萬英里。所以柴油、汽油是主要成分。我們用於卡特彼勒引擎和航空壓縮機的潤滑油價格大幅上漲。

We're fortunate that a lot of the contract mechanisms we have, for example, lube oil, we're able to pass through increases. So as we've seen oil prices go from $30 a barrel to $100 a barrel, you've seen refined lube oil prices increase proportionately, 2.5, 3x, we're able to pass that along to our customers.

我們很幸運，我們擁有的許多合約機制，例如潤滑油，我們能夠透過增加價格來轉嫁成本。因此，當我們看到油價從每桶 30 美元漲到每桶 100 美元時，精煉潤滑油價格也相應上漲 2.5 倍、3 倍，我們能夠將這一價格上漲轉嫁給我們的客戶。

People are in short supply in any and all the industries right now. We're fortunate that USA Compression is viewed as a place that people want to be. We are seeing some competitive tension out in the field with some of our frontline service technicians. We're trying to get ahead of that with some constructive things. But as we point out to our folks, the grass isn't always greener on the other side.

目前，各行各業都面臨人才短缺的問題。我們很幸運，因為 USA Compression 被視為人們嚮往的地方。我們發現，我們的一些第一線服務技術人員在現場存在一些競爭緊張的情況。我們正試圖透過一些建設性的事情來解決這個問題。但正如我們向人們指出的那樣，別人的草坪並不總是更綠。

We've actually had some folks that have left over the last couple of years chasing a higher wage and a higher rate. And interestingly, we've had a large -- a significant percentage of those folks come back. It's one thing to say, I can make x number of dollars more and that could work over time. But when folks end up working 80, 90, 100 hours a week, for 6 months in a row with literally 7 days a week with no downtime in a period of 6 months that catches up in quality of life.

事實上，在過去幾年裡，我們已經有一些員工為了追求更高的薪資和更高的薪資而離職。有趣的是，我們已經擁有大量——相當大比例的這些人回來了。可以這麼說，我可以多賺 x 美元，而且隨著時間的推移，這個目標會實現。但是，當人們每週工作 80、90 或 100 個小時，連續 6 個月，每週工作 7 天，在 6 個月的時間內沒有休息時間時，生活品質就會趕上。

So I think we try to balance work -- have a good work-life balance. Our men and women out in the field are well compensated. We didn't cut our 401(k) plan during the downturn. We paid bonuses at the end of both of the years during the downturn. We've got a good benefits package for folks. So I think when you look at it holistically, that's viewed positively.

所以我認為我們應該努力平衡工作——實現良好的工作與生活的平衡。我們在實地工作的男女軍人都得到了豐厚的報酬。在經濟低迷時期，我們並沒有削減 401（k）計劃。在經濟低迷的兩年裡，我們都在年底發放了獎金。我們為員工提供了優厚的福利待遇。所以我認為，從整體來看，這是正面的。

Vehicles, cost of buying new trucks are up, lead time to acquire new trucks are up. parts and pieces coming from Caterpillar, coming from aerial, and coming from some of our other suppliers. Lead times are up. Again, because of some of the long-term relationships that we've had with these folks, we've been able to lock in some nominal price increases over the course of 2022 and even on into 2023 as well.

車輛、購買新卡車的成本上漲，購買新卡車的準備時間也上漲。零件和零件來自卡特彼勒、來自空中，以及來自我們的一些其他供應商。交貨時間已到。同樣，由於我們與這些人建立了長期關係，我們能夠在 2022 年甚至 2023 年鎖定一些名義上的價格上漲。

So I think we've done a very good job of getting ahead of the curve and unlike some industries that may be seeing 20%, 30%, 40%, 50% increases. You look at the day rates for drilling rigs, you look at the cost of frac sand, you look at the cost of frac fluids, the various elements that go into support the energy infrastructure, we've been able to mitigate a bunch of these operating costs with some operating efficiencies and honestly, just aggressive contracting coming out of this downturn.

因此，我認為我們在引領潮流方面做得非常好，不像某些行業那樣可能出現 20%、30%、40%、50% 的成長。你看看鑽井平台的日費率，看看壓裂砂的成本，看看壓裂液的成本，看看支持能源基礎設施的各種要素，我們已經能夠透過提高營運效率來降低這些營運成本，老實說，在這次經濟低迷時期，我們只是積極簽訂了合約。

Got it. Very helpful. And then you referred to significantly longer contracts and increasing rates. But when I think about your new large units that you have on order, are you able to contract those for 5 years or so on those new units? How is that tendered?

知道了。非常有幫助。然後您提到了顯著延長的合約和增加的利率。但是當我想到您訂購的新大型設備時，您是否能夠為這些新設備簽訂 5 年左右的合約？怎樣投標？

Generally the terms that we're talking about, our industry with big horsepower, typically somewhere in the 2 to 5, every now and then we'll see a 7-plus-year contract. But yes, the -- when we're looking at these new bigger horsepower units, 5 years is kind of down the fairway.

一般來說，我們談論的條款，我們的行業馬力很大，通常在 2 到 5 之間，有時我們會看到 7 年以上的合約。但是的，當我們考慮這些新的更大馬力的裝置時，5 年已經是相當長的一段時間了。

And Selman, remember, a lot of that new stuff is going to big stations. So they're not kind of onesie, twosie units out there. They're actually part of 6, 8, 10-unit installations with all the associated other infrastructure, piping controls, et cetera. So it tends to be a lot more of a kind of an infrastructure application than just a unit out in the field.

塞爾曼，請記住，許多新作品都會在大型電視台播出。所以他們並不是那種連身衣或二人衣單位。它們實際上是 6、8、10 個單元裝置的一部分，包含所有相關的其他基礎設施、管道控制等。因此，它更像是一種基礎設施應用，而不僅僅是一個現場單元。

Yes. Let me further the comments, Matt, that's a great concept. At the end of the 5-year primary term, these units don't automatically get repriced and come home. Either party can reopen the contract at that point in time. During this 5-year initial primary term, we generally build in price escalations, summertime CPI, some are price specific.

是的。讓我進一步評論一下，馬特，這是一個很棒的概念。在 5 年主要期限結束時，這些單位不會自動重新定價並返回。任何一方都可以在那時重新簽訂合約。在這個為期 5 年的初始主要時期，我們通常會考慮價格上漲、夏季 CPI，有些是特定價格的。

But at the end of the 5-year term, it just doesn't automatically come home. Things evergreen, things going up 30-day notice or either party can say, "Hey, I do want to send it home or I want to renegotiate." With this really big horsepower, as Matt points out, it rarely comes home. So we typically either coming into the -- prior to the exploration of the 5 years or right afterwards, we enter into another term contract that are in the kind of the 3- to 5-year horizon again and extend the operational deployment time of those assets.

但五年任期結束後，它並不會自動回家。事情永遠存在，事情需要提前 30 天通知，或者任何一方都可以說，「嘿，我確實想把它送回家，或者我想重新談判。」正如馬特指出的那樣，憑藉如此強大的馬力，它很少能回到原處。因此，我們通常會在 5 年勘探之前或之後簽訂另一份期限為 3 至 5 年的定期合同，並延長這些資產的營運部署時間。

These -- we have always talked about barriers to entry, but our industry with big horsepower has very large barriers to exit. The freight costs are borne by our customers. So there's cranes, there's trucking costs. You may be looking at multiple hundreds of thousands of dollars to send one of these and individual piece of equipment home. And as Matt points out, there's 4 to 8 of these units on a given pad site and these pads may be moving anywhere between 30,000 barrels of oil and 100 million cubic feet of gas a day.

這些——我們一直在談論進入壁壘，但我們這個馬力強大的行業退出壁壘非常大。運費由我們的客戶負擔。所以有起重機，有卡車運輸成本。您可能需要花費數十萬美元才能將其中一件或單件設備寄回家。正如馬特指出的那樣，在特定的發射台位置上會有 4 到 8 個這樣的裝置，這些裝置每天可能會輸送 30,000 桶石油和 1 億立方英尺天然氣。

So you can envision what the downtime and loss of revenues would look like if this equipment were to be sent home. They don't just take our stuff, send it home, then you got to build a duplicate facility with somebody else to have the piping, the vessels, the separation, dehydration, treating all the stuff that goes with it. So once we're in, we're in. And it's really only when there's a significant change in these big central facilities that a unit might get sent home or 2 units won't -- might get set home.

因此，你可以想像如果將這些設備送回家，停機時間和收入損失會是怎樣的。他們不會只是把我們的東西拿走，然後送回家，然後你還得和別人一起建造一個重複的設施，來安裝管道、容器、進行分離、脫水，處理所有相關的東西。所以，一旦我們進去了，我們就進去了。實際上，只有當這些大型中央設施發生重大變化時，一個單位才有可能被送回家，或者兩個單位不會被送回家。

So you can envision with a major oil or a large independent having multiple hundreds of thousands of acres in a geographic area. They've developed these big central facilities on a hub-and-spoke basis where they'll develop pad site 1, drill, develop, move to another pad site to and then interconnect that new pad site or multiple pad sites with gathering lines to provide the oil and the gas back to the central facilities. So we're literally involved in the regional infrastructure for an extended period of time.

因此，你可以想像一家大型石油公司或大型獨立公司在某個地理區域擁有數十萬英畝的土地。他們以中心輻射的方式開發了這些大型中央設施，他們將開發 1 號平台、鑽探、開發、移動到另一個平台，然後將新的平台或多個平台與收集管線互連，以將石油和天然氣送回中央設施。因此，我們確實長期參與區域基礎設施建設。

Got it. Very helpful. And then you talked about reconfiguration of units. And I'm just kind of curious how much of that is left. And so as we roll into 2023, should we be thinking about everything you do would be -- presumably have to be new order?

知道了。非常有幫助。然後您談到了單位的重新配置。我只是有點好奇還剩下多少。那麼，當我們進入 2023 年時，我們是否應該思考你所做的一切——大概必須是新的秩序？

We do reconfigure a little bit. As we think about dual drive going forward, there will be some reconfiguration capital associated with it. The bulk of our equipment generally stays in the basin where it was originally deployed. So if you think about Permian Basin, you think about Mid-Continent, you think about Appalachia, generally, the assets stay in those basins.

我們確實進行了一些重新配置。當我們考慮雙驅動的發展時，將會有一些與之相關的重新配置資本。我們的大部分設備通常都停留在最初部署的盆地。因此，如果你考慮二疊紀盆地、中部大陸、阿巴拉契亞山脈，一般來說，資產都留在這些盆地中。

They may have come home. They were underutilized during the downturn. They were set home. So we'll spend some make-ready capital. You got to paint the thing, you got to do some control valves, and do a little bit of work, site vessels and electronic gizmos and stuff to get it ready to go out in the field, but it's a small percentage of CapEx costs versus buying a brand new unit or even reconfiguring a unit.

他們可能已經回家了。在經濟低迷時期，它們未被充分利用。他們被送回家了。因此我們將花費一些準備資金。你必須為設備塗上油漆，安裝一些控制閥，做一些工作，安裝現場容器和電子設備等，以便準備投入現場使用，但與購買全新設備或什至重新配置設備相比，這只是資本支出成本的一小部分。

So I would say predominantly the bulk of the reconfiguration dollars are going to be spent on dual drive. There will be some incremental make-ready capital costs to take idle equipment and get it moved out into the field. And that will continue on into 2023. And it depends on the trajectory, how quickly we redeploy the idle fleet. We're honestly ahead of what we modeled coming into 2022 as far as redeploy of idle assets. And just a question of how long it takes to redeploy in the field. And with the lack of access to new equipment, obviously, that trend is going to tend to accelerate.

因此我想說，重新配置的大部分資金將主要花在雙驅動上。將閒置設備轉移到現場會產生一些增加的準備資本成本。這種情況將持續到 2023 年。這取決於軌跡以及我們重新部署閒置船隊的速度。就閒置資產的重新部署而言，我們確實領先 2022 年的預期。問題只是需要多長時間才能重新部署到現場。而且由於缺乏新設備，這種趨勢顯然會加速。

As there are no further questions, I'll hand the call over to Eric Long for any additional or closing remarks.

由於沒有其他問題，我將把電話交給 Eric Long 來做任何補充演講或結束演講。

Thank you. The first quarter of 2022 kicked off a year in which we expect continued growth in activity across the energy industry, starting with the upstream producers. The quarter reflected solid operations with some positive trends as we move through the quarter, including utilization and pricing gains and increased quoting activity.

謝謝。 2022 年第一季是我們預計整個能源產業活動將持續成長的一年，首先是上游生產商。本季的營運表現穩健，隨著季度的推進，我們呈現出一些正面的趨勢，包括利用率和價格上漲以及報價活動的增加。

In order to be ready for demand that we see coming, we will continue to prepare our idle fleet for redeployment to the field as well as selectively make capital investments in new units earmarked for specific customers and infrastructure applications.

為了滿足我們預見的需求，我們將繼續準備將閒置的車隊重新部署到現場，並選擇性地對專門用於特定客戶和基礎設施應用的新設備進行資本投資。

Natural gas prices and production continue onward and upward for now, and the ever-important need for natural gas has only become more so, given the global political events currently taking place. We expect these factors to continue to drive the demand for compression and demand for our business during 2022 and beyond.

目前，天然氣價格和產量持續上漲，鑑於當前全球政治事件，對天然氣的需求也變得越來越重要。我們預計這些因素將在 2022 年及以後繼續推動對壓縮的需求和對我們業務的需求。

One thing has not changed, the fundamental driver of our business is the demand for and the production of natural gas. We see natural gas usage increasing in the U.S. and throughout the world. We believe that the underlying stability of our large horsepower infrastructure-focused contract compression services business model has served our unitholders well over the last few years and for the nearly 25 years we have been in business. We have a great asset base from which to be involved in the longer-term transition to cleaner energy in which natural gas will clearly play an important part.

有一件事沒有改變，我們業務的根本驅動力是對天然氣的需求和生產。我們看到美國和世界各地的天然氣使用量正在增加。我們相信，我們以大馬力基礎設施為中心的合約壓縮服務業務模式的潛在穩定性在過去幾年以及我們經營的近 25 年裡為我們的單位持有人提供了良好的服務。我們擁有強大的資產基礎，可以參與向清潔能源的長期轉型，其中天然氣顯然將發揮重要作用。

Thanks for joining us, and please be safe. We look forward to speaking with everyone on our next call.

感謝您的加入，請注意安全。我們期待在下次通話中與大家交談。

Ladies and gentlemen, that concludes today's conference call. We thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。